House Hunting 2018

Discussion in 'Life After Brown' started by nystripe96, Mar 16, 2016.

  1. nystripe96

    nystripe96 Active Member

    I'm roughly half way to being able to put a down payment on a home. Landlord needs me out of the apartment I'm renting by Oct 2018 which I can deal with. I'm currently contributing 10% to my 401k, but begrudgingly thinking about dropping to 1% for the next few years so I can save up enough for a home without having to stop gap and rent a different apartment. I'd like to be a home owner, but am leery of a lack of 401k contributions over the next few years. Is this a mistake? Any insight into home buying would be appreciated. Thanks
  2. silenze

    silenze Lunch is the best part of the day

    How much are we talking about
  3. Wally

    Wally Hailing from Parts Unknown.

    Can't move into Mom's basement?
  4. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    How long would you be planning on living in this home.
  5. Orion inc.

    Orion inc. I like turtles

    Don't drop so drastically. Try it in increments. Go 8% or 6% and see if that helps. But I personally wouldn't cut at all. Look for other places to cut money.

    Also if you're a first time buyer, look at an FHA loan. Less down.
  6. NXA

    NXA Active Member

    I did that exact thing. Can't tell ya if it was a good idea for my finances or not but my wife is happy. You might be able to find a calculator either thru the upsers site or if you deliver to a financial planner they could calculate the long term impact.
  7. bagpipes

    bagpipes Member

    How old are you? The costs of missing out on 401k contributions if younger than 30 are exponentially higher than if you're over 30, same for 30 vs 40, etc. I wouldn't go lower than the level you need to maintain the max company match (free money).
  8. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    Do you work for ups?
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    You can take out a loan for the down payment. You would then have up to 5 years to pay it back at below market interest rates.
  10. SONYMA first time home buyer in NY has low interest rate and Down .
    Conventional are 20% down at about 3.5 fixed for 20 years with zero points. Check school district, brownfield/radon gas, and flood plain....everything else can be fixed.
  11. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    He makes too much to qualify.
  12. rod

    rod retired and happy

    I think my first house loan was at 13 percent. (it was for only $8,000) We had saved up $10,000 the first year we were married for a down payment on our $18,000 lake home. We had it paid off in under 2 years. That was the ONLY house loan I've ever had. I didn't want to burn up my GI Loan because at that time you could only apply for it one time and I figured I might need it more later on--never did. My house payments were set at $98 a month and that included property taxes and home loan insurance. The only car loan I ever had was for a $600 car back in 1966. CASH IS KING

    Good luck on buying your first home.
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  13. it is worth the 20% down - to borrow out of 401K and get a 3.25% fixed for 15 -
  14. Cementups

    Cementups Box Monkey

    How did you afford that $98/month?!?! You probably NEVER got to go out to eat be so strapped for cash.
  15. DOK

    DOK Active Member

    How bout just rent forever? Homeownership isn't all it's cracked up to be.
  16. rod

    rod retired and happy

    Between our two good paying jobs and no kids we were rolling in the dough. :-) But we did live frugally. Neither one of us grew up with any luxuries so it just came natural not to want the latest of everything like a few of our friends did.
  17. Cementups

    Cementups Box Monkey

    It was sarcasm ;)
  18. rod

    rod retired and happy

    I realized that--- I was just telling it like it was.
  19. nystripe96

    nystripe96 Active Member

    I'm 33 and looking to buy at $350-400k